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Eurus Energy Considering 40-Megawatt Solar Project in Japan

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March 23 (Bloomberg) -- Eurus Energy Holdings Corp., a Japanese developer of renewable energy projects, is considering building a solar power plant with as much as 40 megawatts of capacity in western Japan.

The company and land owners have agreed to study the possibility of building the plant in Awaji city, Hyogo prefecture, they said in a joint statement yesterday. If built, the plant will start operating by March 2014 and plans to sell all of its electricity to Kansai Electric Power Co., according to the statement.

Japan wants to diversify its energy mix following the earthquake and tsunami that crippled Tokyo Electric Power Co.’s Fukushima Dai-Ichi nuclear station last year. The country is encouraging renewable energy investment by planning to pay preferential rates for projects.

Construction of the plant may be subject to government implementing the feed-in tariff program, which is due to start in July, according to the statement. The government hasn’t announced the rates as a state-appointed panel is still deliberating the prices.

The Awaji plant will be the first domestic solar power plant developed by Eurus, a venture between Toyota Tsusho Corp. and Tokyo Electric. It operates wind farms in and outside Japan with a total capacity of more than 2 gigawatts, according to the statement.

The company also has about 50 megawatts of solar power plants in South Korea and the U.S.

Softbank Corp. said on March 8 its clean energy unit and Mitsui & Co. may build a 30-megawatt solar power plant in Tottori prefecture.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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